Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) group, and Banque Misr have signed a letter of intent, solidifying their commitment to provide a $30 million financing line devoted to supporting small and medium enterprises (SMEs) in Egypt. The signing ceremony, graced by distinguished Egyptian officials, including the Ministers of Planning and Economic Development, Supply and Internal Trade, and Petroleum and Mineral Resources, took place today.
This agreement marks a significant continuation of the fruitful partnership between ICD and Banque Misr, which commenced in 2017 with a $25 million financing line. The new initiative perfectly aligns with ICD’s objectives in Egypt, aiming to enhance access to finance for SMEs, foster the creation of job opportunities, and empower young entrepreneurs and women in business.
Hani Salem Sonbol, Acting CEO of ICD, expressed his appreciation for Banque Misr as a valued customer, stating, “This new financing line builds upon our successful partnership and aligns with our goals in Egypt. These funds will undeniably contribute to economic growth, job creation, and development across various sectors.”
Since its establishment, ICD has provided a total of $315 million in financing to Egypt, supporting private sector companies, financing lines to banks, and direct investments. These funds have played a tangible role in bolstering economic growth, job creation, and development across diverse sectors, including energy, food, and industry.
Mohamed EL-Etreby, Chairperson of Banque Misr, highlighted the significance of this agreement within the framework of the bank’s strategy to support and aid projects across all categories, particularly SMEs. He emphasized their commitment to expanding financing for the project sector, recognizing it as the engine and cornerstone of economic growth.
